ONGC in its 264th Board meeting held
on 12th December, 2014 has approved an interim dividend of 100%, paying Rs.5 per
equity share of Rs.5 each. The total
payout on this account will be Rs.4277.75 Crore out of which
the Government of India will receive Rs.2948.08 Crore on its shareholding. In addition, dividend distribution tax of Rs.855.55 Crore would also be paid.
The Record date for the same has been fixed for 17th December, 2014 and the same has been intimated to the stock exchanges. The payment of
interim dividend to the shareholders shall start from 18th December, 2014.
The Board was also notified of the three discoveries made recently; one in
deepwater Krishna Godavari Basin, off the east coast of the country, one in
Mumbai offshore Basin, off the west coast of the country and one in Cauvery
basin in the southern onland part of the country.
In KG Basin offshore, ONGC has made a significant gas discovery from its
nomination deep water block, KG-OS-DW-III. The discovery well GD-11-1, located about 43 Km to the South of the nearest coastal town Odalarevu in
the state of Andhra Pradesh, was drilled down to a depth of 2810m in water depth of 812m to explore the hydrocarbon potential of Pliocene sands.
The Pliocene sequence has indicated the presence of about 36m of gas pay which, on conventional testing, has flowed
gas at the rate of around 6.5 Lakh cubic meters per
day through half inch bean. ONGC has already made 5 hydrocarbon bearing discoveries from the northward
contiguous NELP-VI shallow water block of KG-OSN-2004/1 from a similar play and this discovery has opened up a
large opportunity for further assessment of the prospectivity.
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